Wells Fargo paying $15 billion for Wachovia

SteveGelsi

NEW YORK (MarketWatch) -- Wells Fargo
WFC, -1.69%
and Wachovia
WB, +0.24%
announced plans Friday to merge in a deal valued at $15 billion, as big financial institutions continue to team up in the face of the credit crisis. Wells Fargo said it would pay 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock. The transaction, based on Wells Fargo's closing stock price of $35.16 on Thursday, is valued at $7 per Wachovia share.

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